Mr. Mike Power reports

SILVER RANGE ACQUIRES HARE AND SPARTA PROPERTIES

Silver Range Resources Ltd. has staked two high-grade gold prospects in the Northwest Territories.

The Hare property is located on NTS sheet 76B02, 460 kilometres northeast of Yellowknife at the northern end of the Healey Lake greenstone belt. This assemblage of mafic and felsic metavolcanics capped by metasediments was only recognized by the Geological Survey of Canada in the late 1970s and was explored briefly by Kidd Creek Mines Ltd. in the early 1980s. The principal showing on the property occurs in amphibolite-grade mafic and intermediate metavolcanics near the contact with overlying metamorphosed turbidites. Kidd Creek reported gold grains up to two millimetres long in sheared meta-arenites with minor pyrrhotite and pyrite and grab samples returning values up to 104 ounces per ton gold (3,565 grams per tonne Au) from a small area of outcrop about 20 m in diameter. Kidd Creek also discovered several other lower-grade showings on or near the property (Thumper, Cottontail, Bunny, Lapin, Rock) which returned gold assays of around one g/t Au.

The Sparta property is located on NTS sheets 085P03 and 085P04, 81 km northeast of Yellowknife and 16 km from the Tibbet Lake to Contwoyto Winter Road at Gordon Lake. Mineralization on the property is hosted in Archean Burwash formation quartz-mica schist near the contact with late Archean granites. The principal showings on the property include the Gab and Sparta veins. The Gab vein hosts a small historic resource, not compliant with National Instrument 43-101, of 30,000 tons grading 0.31 ounce per ton Au (10.63 g/t Au). This was defined by Treminco Ltd. from shallow drilling along a 250-foot section of the vein to a depth of 75 feet. At the Sparta vein, the southern limb was drill tested over a strike length of 760 feet to a maximum depth of 130 feet returning intersections up to 1.21 ounces per ton Au (41.49 g/t Au) over three feet. The Sparta vein was thought to extend to the Tinker showing, located 150 m north of the northern limb of the Sparta vein where grab samples from quartz veins in mafic metasediments returned assays to 0.636 ounce per ton Au (21.81 g/t Au). There are similar showings to Tinker to the south at Mac Lake which returned grab sample assays to 0.256 ounce per ton Au (8.78 g/t Au).

Technical information in this news release has been approved by Mike Power, MSc, PGeo, president and chief executive officer of Silver Range Resources and a qualified person for the purposes of National Instrument 43-101.

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